• Boeing increases pay offer in attempt to bring an end to seven-week strike
• The strike, involving over 30,000 workers, began on September 13 and has created a financial crisis for Boeing
• This new deal also features a $12,000 bonus, up from $7,000, and changes to retirement plans

Boeing increases pay offer in attempt to bring an end to seven-week strike

Boeing is attempting to resolve a seven-week strike by offering workers a 38% pay increase over four years. The proposal, endorsed by the International Association of Machinists and Aerospace Workers (IAM), will be put to a vote on Monday. The strike, involving over 30,000 workers, began on September 13 and has significantly impacted production, contributing to a financial crisis for Boeing.

Previously, workers rejected offers that included a 35% raise. This new deal also features a $12,000 bonus, up from $7,000, and changes to retirement plans. The strike’s continuation has threatened Boeing’s financial stability, with the company reporting $4 billion in losses for the last quarter and initiating a $20 billion share sale to boost liquidity.

Boeing’s challenges include potential credit rating downgrades and upcoming layoffs affecting 17,000 employees, set to begin in mid-November. The company has also faced setbacks from a mid-air incident and issues with its Starliner space project. Boeing shares rose 2.7% after the announcement of the new offer.